Westover School INC FY2022 filing

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Westover School empowers young women to lead lives of consequence.

501(c)(3) charity; gifts are tax-deductible.
66¢ of each $1 spent went to programs.
$1.0M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 6
filings with a surplus
Average deficit $1.6M a year · 9% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
66%
of spending
Fine: 66% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.0M
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
<1 mo
of spending, in cash
Plus $68.7M in investments, Pt X · Ln 11–13
Fine: 0.2 months of spending in cash, plus $68.7M in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $214K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$23.3M
22% of total assets
Looks good: liabilities are 22% of assets; 50% or less.
Pt X · Ln 26
Independent board members
26
of 27 voting members
Looks good: 26 of 27 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$18.7M
+26% vs prior year
Spent
$20.4M
To programs
66%
Net assets
$83.0M
By yearFY2020–FY2025
Revenue
$18.7M
FY2022▲ +26%
Tap a bar for its year
Revenue by fiscal year
FY2020$15.5M
FY2021$14.9M
FY2022$18.7M
FY2023$20.6M
FY2024$17.9M
FY2025$20.1M
Expenses
$20.4M
FY2022▲ +20%
Tap a bar for its year
Expenses by fiscal year
FY2020$16.8M
FY2021$17.0M
FY2022$20.4M
FY2023$19.8M
FY2024$21.3M
FY2025$22.0M
Net assets
$83.0M
FY2022▼ -9%
Tap a bar for its year
Net assets by fiscal year
FY2020$79.6M
FY2021$90.7M
FY2022$83.0M
FY2023$83.4M
FY2024$81.3M
FY2025$81.9M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 1943.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

66 cents of each dollar spent went to programs.

Program services 66% · $13.5M Management & general 28% · $5.7M Fundraising 6% · $1.3M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

28 people listed on the 990; $1.0M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Head of School
$316,741Pt VII · Sec A
Chief Operating Officer
$203,969Pt VII · Sec A
Chief Development Officer
$159,764Pt VII · Sec A
Director of Enrollment Man
$125,427Pt VII · Sec A
Assistant Head of School
$113,269Pt VII · Sec A
Director of Marketing
$102,010Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Fredlund Polly’s $353K as Head of School is at the 74th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Fredlund Polly$352,958$152,858————
Faulstich Julie——$336,206———
Julie Faulstich———$316,741$292,494$278,118
Salmon Phil$249,820—————
Gorman Thomas——$240,639———
Risner Mary$181,527$204,486$181,121———
Thomas Gorman———$203,969$187,789—
Thomas G Gorman CPA—————$179,044

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Westover School INC executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates young women to become confident leaders.

Questions for Westover School INC

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1 program · $13.5M · in their own filed words · FY2021
01

The program services rendered are those associated with college prep institutions for approximately 188 during the tax year ended june 30, 2021. These include: providing an environment suitable for the education, dormitory service, textbooks and supplies and athletic facilities including use of the facilities by other organizations for…

$13.5Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
Cerimon FundFY2025$1K
Total grants receivedfrom 5 funders$214K
See all 5 funders →
Grants paid · 2 grants · $60K · 2023–2024
Town of MiddleburyFY2024$30,000
Town of MiddleburyFY2023$30,000

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$18.7M
Ln 12
Fees for servicesLn 2g$11.9M
Gifts and grantsLn 1h$3.9M
Investment incomeLn 3$2.9M
Money outPt IX
$20.4M
Ln 25
Programscol B$13.5M
Managementcol C$5.7M
Fundraisingcol D$1.3M
Owns and owesPt X
$83.0M
net assets · Ln 32
Cash and savingsLn 1–2$355K
Total assetsLn 16$106.3M
LiabilitiesLn 26$23.3M
PeoplePt VI, VII
28
listed · VII A
PaidVII A6
Voting boardVI 1a27
IndependentVI 1b26
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3.9M
Noncash giftsLn 1g$896K
Fees for servicesLn 2g$11.9M
Investment incomeLn 3$2.9M
Other incomeLn 4–11$10K
Gains on assetsLn 7$2.6M
Total revenueLn 12$18.7M
Assets in detailPt X, end of year
CashLn 1$179K
SavingsLn 2$176K
Cash and savings togetherLn 1–2$355K
InvestmentsLn 11–13$68.7M
Land, buildings, equipmentLn 10c$36.9M
Total assetsLn 16$106.3M
LiabilitiesLn 26$23.3M
Net assetsLn 32$83.0M
OperationsPt I, VI
EmployeesI 5123
VolunteersI 6250
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
BondsSch K, Pt X
Tax-exempt bond debt owedX 20$19.8M
Bond issues listedSch K Pt I1
Raised by those issuesSch K Pt I$21.3M
Abroad and in kindSch F, M
Noncash gifts receivedSch M Pt I$896K
EndowmentSch D · Pt V
LineFY22FY21FY20FY19FY18
End of yearLn 1g$66.4M$73.8M$64.2M$66.7M$66.2M
Given inLn 1b$536K$20K$405K$634K$766K
SpentLn 1d–1f$3.2M$3.2M$3.0M$3.6M$3.6M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$1.3M$355K
InvestmentsLn 11–13$74.7M$68.7M
Land, buildings, equipmentLn 10c$37.2M$36.9M
Total assetsLn 16$114.2M$106.3M
LiabilitiesLn 26$23.4M$23.3M
Net assetsLn 32$90.7M$83.0M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$5.5M$5.5M
Pay of current officers, directors and key staffLn 5$615K$53K$526K$36K
Other salaries and wagesLn 7$4.8M$2.8M$1.5M$465K
Pension plan contributionsLn 8$262K$174K$60K$28K
Other employee benefitsLn 9$568K$357K$152K$60K
Payroll taxesLn 10$372K$220K$114K$37K
Investment management feesLn 11f$171K$171K
Other fees for servicesLn 11g$1.1M$64K$971K$22K
OccupancyLn 16$1.8M$1.0M$510K$229K
InterestLn 20$590K$342K$171K$77K
Depreciation, depletion and amortizationLn 22$1.4M$825K$413K$185K
InsuranceLn 23$316K$183K$92K$41K
Other expenses (24a–d)Ln 24$3.0M$1.9M$1.0M$114K
Total functional expensesLn 25$20.4M$13.5M$5.7M$1.3M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS May 14, 2026 $20.1M$22.0M−$1.9M$81.9M 990 PDF
FY2024Filed with the IRS May 13, 2025 $17.9M$21.3M−$3.4M$81.3M 990 PDF
FY2023Filed with the IRS May 14, 2024 $20.6M$19.8M$815K$83.4M 990 PDF
FY2022 ViewingFiled with the IRS May 12, 2023 $18.7M$20.4M−$1.7M$83.0M 990 PDF
FY2021Filed with the IRS May 16, 2022 $14.9M$17.0M−$2.1M$90.7M 990 PDF
FY2020Filed with the IRS May 17, 2021 $15.5M$16.8M−$1.3M$79.6M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $18,716,237 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,444,616$3,863,330
I-9 Program service revenuePrior year $8,862,826$11,916,894
I-10 Investment incomePrior year $2,563,327$2,926,258
I-11 Other revenuePrior year $18,624$9,755
I-12 Total revenuePrior year $14,889,393$18,716,237
I-13 Grants and similar amounts paidPrior year $4,377,618$5,508,481
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $5,629,424$6,641,147
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $6,965,625$8,298,968
I-18 Total expensesPrior year $16,972,667$20,448,596
I-19 Revenue less expensesPrior year −$2,083,274−$1,732,359
Part VI · Governance 26 of 27 board members independent, no flags
VI-1a Voting members of the governing body27
VI-1b Independent voting members26
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $18,716,237 across 8 lines filed
Lines not itemized here account for $3,854 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$3,863,330
VIII-1g Noncash contributions (included above)$896,436
VIII-1h Total contributions, gifts and grants$3,863,330
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $11,916,894$11,916,894
VIII-3 Investment incomeExcluded from tax $279,750$279,750
VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,646,508$2,646,508
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $5,901$5,901
VIII-12 Total revenueRelated to mission $11,926,649 · Unrelated business $0 · Excluded from tax $2,926,258$18,716,237
Part IX · Statement of functional expenses $20,448,596 across 13 lines filed
IX-2 Grants to domestic individualsPrograms $5,508,481$5,508,481
IX-5 Pay of current officers, directors and key staffPrograms $53,421 · Management $525,744 · Fundraising $35,613$614,778
IX-7 Other salaries and wagesPrograms $2,846,181 · Management $1,513,510 · Fundraising $465,130$4,824,821
IX-8 Pension plan contributionsPrograms $173,822 · Management $59,921 · Fundraising $27,890$261,633
IX-9 Other employee benefitsPrograms $356,666 · Management $152,154 · Fundraising $59,535$568,355
IX-10 Payroll taxesPrograms $219,900 · Management $114,274 · Fundraising $37,386$371,560
IX-11f Investment management feesManagement $170,551$170,551
IX-11g Other fees for servicesPrograms $63,944 · Management $971,389 · Fundraising $21,647$1,056,980
IX-16 OccupancyPrograms $1,020,423 · Management $510,211 · Fundraising $228,715$1,759,349
IX-20 InterestPrograms $342,423 · Management $171,212 · Fundraising $76,750$590,385
IX-22 Depreciation, depletion and amortizationPrograms $825,050 · Management $412,525 · Fundraising $184,925$1,422,500
IX-23 InsurancePrograms $183,085 · Management $91,543 · Fundraising $41,036$315,664
IX-24 Other expenses (24a–d)Programs $1,866,484 · Management $1,003,032 · Fundraising $114,023$2,983,539
IX-25 Total functional expensesPrograms $13,459,880 · Management $5,696,066 · Fundraising $1,292,650$20,448,596
Part X · Balance sheet $106,285,519 assets, 20 lines filed
Asset lines not itemized here account for $245,893; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $162,884$178,867
X-2 Savings and temporary cash investmentsStart of year $1,170,405$176,334
X-3 Pledges and grants receivableStart of year $367,204$245,965
X-4 Accounts receivableStart of year $241,080−$274,769
X-8 Inventories for sale or useStart of year $52,295$35,245
X-9 Prepaid expenses and deferred chargesStart of year $22,000$14,357
X-10c Land, buildings and equipment, netStart of year $37,215,512$36,922,983
X-11 Publicly traded securitiesStart of year $39,925,121$32,292,934
X-12 Other securitiesStart of year $34,781,285$36,447,710
X-16 Total assetsStart of year $114,183,779$106,285,519
X-17 Accounts payable and accrued expensesStart of year $974,297$2,372,833
X-19 Deferred revenueStart of year $1,742,057$711,933
X-20 Tax-exempt bond liabilitiesStart of year $20,382,119$19,835,661
X-24 Unsecured notes and loans payableStart of year $47,232$24,528
X-25 Other liabilitiesStart of year $294,938$379,065
X-26 Total liabilitiesStart of year $23,440,643$23,324,020
X-27 Net assets without donor restrictionsStart of year $9,410,043$12,673,542
X-28 Net assets with donor restrictionsStart of year $81,333,093$70,287,957
X-32 Total net assets or fund balancesStart of year $90,743,136$82,961,499
X-33 Total liabilities and net assetsStart of year $114,183,779$106,285,519
Part XI · Reconciliation of net assets $82,961,499 net assets at year end
XI-1 Total revenue$18,716,237
XI-2 Total expenses$20,448,596
XI-3 Revenue less expenses−$1,732,359
XI-4 Net assets at start of year$90,743,136
XI-5 Net unrealized gains (losses) on investments−$8,140,076
XI-9 Other changes in net assets$2,090,798
XI-10 Net assets at end of year$82,961,499

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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